India’s new car market is probably seeing the worst recession. The largest car manufacturer, Maruti Suzuki India Ltd recently reported a steep 36% decline in sales in July 2019.
It’s unfortunate but true that today’s customers are shying away from spending big bucks on brand new cars and have instead moved to pre-owned cars, which in current circumstances seem a safer bet.
Used Car Market Overview
In 2018, the Indian used car market was valued at USD 21.04. And it is expected to grow and register a CAGR of 15.12% by 2024
Over the years, the used car market in India has evolved to cross 4 million units mark in FY 2018, 1.3 times of the new car market. The revision on the GST rate (from 28% to 12-18%) is the key contributor to the growth of the used car market.
Information source: https://www.mordorintelligence.com/industry-reports/india-used-car-market
A report in The Indian Express quoted a study conducted by Mckinsey that projects India to be the 3rd largest market for used cars by 2021 if this growth continues.
Which Car Makers are in Demand in Second-Hand Car Market?
- Maruti Suzuki – for their unmatched reliability, mileage, easy resale, spares, and maintenance.
- Hyundai – for their premium interiors, large service network, and features.
- Honda – for their unmatched engine performance, and legacy of the City.
- Toyota – for their reliability, life-long engine output, and top-notch resale value.
Top Used Cars to Purchase In India in 2019
- Maruti Suzuki Swift
This hatchback from Maruti Suzuki has always topped the charts in both, new and used car segment.
Various online used car portals and the used car dealers have the Swift in massive numbers.
Price Range: ₹ 2.5 to ₹ 5.5 Lakh
- Maruti Suzuki Brezza
Since the Vitara was discontinued due to poor sales, Brezza has been a major player in the compact SUV segment of both, used and new car market.
Price Range: ₹ 7 Lakh to ₹ 10 Lakh
- Honda City
We remember the City. It has been winning hearts since its launch. Buyers consider the City for its superior build quality and reliable after-sales service.
Price Range: ₹ 2.5 to ₹ 8.8 Lakh
- Hyundai i20
The Hyundai i20 has some of the best features endowed in a stylish body. Great looks, exhaustive feature list and frugal engines – no wonder, it’s one of Hyundai’s best selling cars in India.
Price Range: ₹ 3.61 Lakh to ₹ 5.75 Lakh
- Toyota Altis
What else matters when it’s a Toyota! You may find old models of Corolla Altis that have run above 60,000 km. It’s difficult to get your hands on a new-generation Altis.
Price Range: ₹ 4 Lakh to ₹ 9 Lakh
- Ford EcoSport
The compact SUV from the American carmaker, Ford even used is still a better car than most new ones in the market.
Price Range: ₹ 6.5 Lakh to ₹ 8 Lakh
Got a great used car deal? Close the deal before it’s too late! But…
Don’t have money to buy? Don’t want to use your savings for the purchase?
The interest rate on a vehicle loan is too high?
Don’t have money to pay for the down payment?
Afraid you’ll lose the deal because of the long used car loan application process?
The answer to all the questions is a used car loan from MoneyTap.
- 100% finance – no need to dig into your savings nor make a down payment.
- Quick online application and funding process – don’t have to wait for long to get the car home.
- Interest rate as low as 1.08% per month – save money on interest.
So, while you are hunting for the best bargain in used cars, keep MoneyTap’s vehicle loan of up to ₹ 5 Lakh ready for the purchase. Download the app and apply.